Peter Nash quits Westpac board over KPMG relationship
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The news: Westpac non-executive director Peter Nash has resigned from his position as the bank looks to distance itself from the scandal engulfing its auditor KPMG.
In an announcement on Wednesday, Westpac said Nash’s retirement was effective immediately.
What they said: “With recent attention on Peter’s former roles and relationships at KPMG, he has decided now is the right time to retire from the Board to limit any ongoing distraction for the company,” chair Steven Gregg said.
Gregg doubled down on Westpac’s defence of its audit tender process — which handed the $32 million contract to KPMG just two years ago — as “robust” after the firm came under fire for using confidential information to win business.
“Peter declared his past connections with KPMG and was not on the selection committee, however he acknowledges the perception of bias that may have been created by his relationships,” Gregg said.
Nash was described as a “dedicated advocate” since he joined the board in 2018 “dealing with the many challenges the organisation faced during this time”.
Michael Ullmer will be appointed as chair of the board audit committee, while David Cohen will assume the chair of the risk committee. Tim Burroughs will move to the nominations and governance committee.
“It’s been a privilege to serve Westpac’s people, customers and shareholders over the past eight years. The company has changed significantly in that time and I’m confident it is well placed to continue to perform. I thank the board, CEO and executive team and wish them continued success,” Nash said.
The source: ASX
